PSD2 for dummies

What is PSD2?

With the revised, i.e. second Payment Services Directive (PSD2) adopted in October 2015, the EU wants to make payment transactions on the Internet more convenient, cheaper and safer.

The EU wants to promote competition in the payment system and standardize the payment products by standardizing the rules for banks and payment service providers. PSD2 help to ensure transparency and fair competition and reduce the entry barriers for new payment services – all for the benefit of the customer.

The Directive requires that all Member States implement these rules as national law by 13 January 2018.